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Results: 11-20 of 338

Seventh Circuit finds “strong inference” of scienter after Tellabs remand

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • January 25 2008

The United States Supreme Court remanded plaintiffs’ securities fraud action to the Seventh Circuit following the issuance of its landmark ruling in Tellabs regarding the allegations needed to satisfy the “strong inference” of scienter requirement of the Private Securities Litigation Reform Act in order to withstand a motion to dismiss claims under Securities Exchange Act Section 10(b) and Rule 10b-5

FSA commences criminal prosecution for insider dealing

  • Katten Muchin Rosenman LLP
  • -
  • United Kingdom
  • -
  • January 25 2008

On January 22, the Financial Services Authority (FSA) announced that former general counsel of TTP Communications PLC (TTP) Christopher McQuoid and McQuoid’s father-in-law James Melbourne had appeared before the City of London Magistrates Court charged with insider dealing under section 52 of the UK’s Criminal Justice Act 1993

“Tipped” financial information from earnings reports deemed material

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • January 25 2008

The United States District Court for the Southern District of New York refused to dismiss an insider trading action that the Securities and Exchange Commission filed against a member of the Board of Directors of a publicly traded company who allegedly disclosed material non-public information to his co-defendant friend

The Supreme Court rejects liability of customers, suppliers and other secondary actors in private securities fraud litigation

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 4 2008

On January 15, 2008, the United States Supreme Court issued its decision in Stoneridge Investment Partners, LLC v. Scientific- Atlanta, Inc., No. 06-43, --- S.Ct. ----, 2008 WL 123801 (Jan. 15, 2008), a case that was closely monitored by the securities litigation bar because of the impact it would have on the exposure of customers, suppliers and other secondary actors to liability in private federal securities fraud litigation

Plaintiffs’ securities fraud claims dismissed at pleading stage

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 1 2008

The District Court granted defendants’ motion to dismiss various federal and state law claims, including for violation of Section 10(b) of the Securities Exchange Act and Rule 10b-5

FSA publishes Financial Crime Newsletter

  • Katten Muchin Rosenman LLP
  • -
  • United Kingdom
  • -
  • February 1 2008

On January 30, the UK Financial Services Authority (FSA) published its tenth Financial Crime Newsletter dealing with issues such as changes to the UK’s regime to fight money laundering and terrorist finance from the implementation of the Money Laundering Regulations 2007, the introduction of new FSA enforcement powers related to the EU Wire Transfer Regulations and a summary of recent FSA enforcement actions

OTS adopts interim final rule implementing prohibitions under Section 19(e)(1) of the FDIA

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • May 11 2007

Effective May 8, the Office of Thrift Supervision (OTS) adopted an interim final rule implementing certain prohibitions applicable to a person convicted of any criminal offense involving dishonesty, a breach of trust or money laundering or that enters into certain agreements to enter into a pretrial diversion in connection with such prosecution (Covered Convictions

FSA considering introduction of plea bargaining

  • Katten Muchin Rosenman LLP
  • -
  • United Kingdom
  • -
  • April 27 2007

The Financial Times published a study on April 22 which confirmed the findings of earlier work by the UK Financial Services Authority (FSA) that there had been possible insider trading ahead of a takeover announcement in almost one in four cases in 2005 (FSA study published on March 7 and reported in the March 9 CFWD

Plaintiff class adequately pleaded securities fraud claims

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • May 18 2007

The shareholders of Nash Finch Company filed a securities fraud class action, alleging that the company and its officers made materially false and misleading statements concerning its acquisition of two major food distribution centers, including misrepresenting the increase in revenues and earnings that would result from the acquisitions

FSA fines private bank for weak anti-fraud controls

  • Katten Muchin Rosenman LLP
  • -
  • United Kingdom
  • -
  • May 18 2007

The Financial Services Authority (FSA) announced on May 10 that it had fined BNP Paribas Private Bank £350,000 (approximately $690,000) for weaknesses in its anti-fraud systems and controls

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